Research Update: Momentive Specialty Chemicals Inc. 'B-' Rating Affirmed; Proposed Senior Secured Financing Rated 'B-' (Recovery: '3') Mar 12
- Language: English
- Published: March 2012
On June 29, 2009, Standard & Poor's Ratings Services revised its issue level ratings and recovery ratings on Hexion Specialty Chemicals Inc.'s senior secured debt, second-lien debt, and unsecured senior debentures. We revised the issue-level rating on the senior secured debt to 'CCC+' (same as the corporate credit rating) from 'B-'. The recovery rating was revised to '4', which indicates our expectation for an average (30%-50%) recovery in the event of a payment default, from '2'. We revised the issue-level rating on the second-lien notes to 'CCC' (one notch lower than the corporate credit rating) from 'D'. The recovery rating was revised to '5', which indicates our expectation for a modest (10%-30%) recovery in the event of a payment default,...
Companies mentioned in this report are: Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC
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Research Type: Full Analysis
Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC